Mkango Resources is taking further steps to commercialise downstream rare earth technologies in the US. now CoTec Holdings has completed a £1.5 million (EUR 1.7 million) investment for a 10% stake in its Maginito rare earth recycling subsidiary.
The deal means Mkango Rare Earths UK will become a subsidiary of Maginito, while CoTec operations chief John Singleton joins the Maginito board. CoTec will also provide a two-year £2 million loan for Mkango’s recycling operations.
The partners believe they are now ‘uniquely positioned’ to recycle rare earth neodymium-iron-boron (NdFeB) magnets, which are increasingly in demand from electric vehicle battery makers. They are looking to capitalise on Mkango’s patented energy-efficient hydrogen processing of magnet scrap.
Canada-based Mkango reports that recycling plants will be commissioned in UK and Germany in 2023 and 2024. A new US subsidiary, to be jointly owned by Maginito and CoTec is planned to advance rare earth technology opportunities in the US.
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